According to the statement made available by the Exchange, the appointment of the CHDS follows the resignation of WSTC Financial Services Limited, one of ten primary market makers appointed in September 2012.
The executive director, Business Development, NSE, Mr Haruna Jalo-Waziri, described the appointment as a positive step towards the improvement of market liquidity and depth.
He added that “Chapel Hill went through a rigorous selection process and met the minimum net capital requirement as well as compliance history and operational standards, as set by the exchange.”
According to the Exchange, the market making scheme is an initiative aimed at providing liquidity through the establishment of best prices and the narrowing of spreads. There is one primary market marker and two supplemental market makers assigned to every listed equity. Market makers provide liquidity for their assigned stocks by quoting i-t and improving upon the national best bid and offer (NBBO).
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